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Geely: Insufficient Performance in Overseas Mkt in 1Q; Privatization of Zeekr Due to Intense Mkt Rivalry
Recommend 11 Positive 20 Negative 6 |
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GEELY AUTO (00175.HK) announced its first-quarter results today. CEO and Executive Director Gui Sheng Yue stated at the earnings press conference that sales revenue touched a record high during the period, with growth ahead of the industry average. Besides, there was exponential growth in new energy products. Despite the fierce price war in the mainland automotive market, the group's core profit continued to ascend, said Gui, being satisfied with the performance. However, he also mentioned the group's shortcomings, such as the overseas market exports, which did not decline QoQ but also did not show strong growth momentum. He attributed this to the radical changes in overseas markets, insufficient research, slow response, and the lack of adjustment in vehicle configuration according to overseas consumer demands, leading to a shrinkage in market share abroad. He stated that the group will adjust its organizational structure, including adding R&D personnel targeting overseas markets, while believing that overseas sales will increase starting next month. AASTOCKS Financial News Website: www.aastocks.com |
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